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    • Accredited Investor

      Accredited investors are defined as investors meeting the following criteria:

      (a) Individuals who have a minimum net worth (or joint net worth with their spouse) of USD 1,000,000, excluding that person’s principal place of residence;
      (b) Companies, partnerships, trusts or other commercial undertakings, which have financial assets available for investment of not less than USD 1,000,000; or
      (c) Governments, supranational organisations, central banks or other national monetary authorities, and state organisations whose main activity is to invest in financial instruments (such as state pension funds).

      Individuals and commercial undertakings may elect in writing to be treated as accredited investors subject to meeting at least two of the following conditions:

      (a) The investor has carried out trading/investing transactions, in significant size (i.e. value of transactions aggregating USD 200,000) over the last 12-month period;
      (b) The size of the investor's financial assets portfolio including cash deposits and financial instruments is USD 500,000 or more; and/or
      (c) The investor works or has worked in the financial sector for at least one year in a professional position, which requires knowledge of the transactions or services envisaged (i.e. the position was professional in nature and held in a field that allowed the client to acquire knowledge of transactions or services that have comparable features and a comparable level of complexity to the transactions or services envisaged).
      Amended: July 2022
      Amended: October 2020
      Amended: Oct 09
      Added: July 08

    • Administrator(s)

      Administrators are persons who undertake the administration of financial instruments and other assets, for a third party. Administration may include the following activities:

      (a) Legal and fund management accounting services;
      (b) Client enquiries;
      (c) Valuation and pricing (including tax returns);
      (d) Regulatory compliance monitoring;
      (e) Maintenance of unit-holder register;
      (f) Distribution of income;
      (g) Issuance and redemption of holdings in a CIU;
      (h) Contract settlements (including certificate dispatch); and
      (i) Record-keeping.
      Amended: July 2007

    • Ancillary services provider(s)

      A person who is licensed by the CBB in relation to the carrying on of one or more ancillary services, such as administrators, or those providing compliance services, data-processing services, or a local service or management office, with respect to other CBB licensees. Such persons are not subject to Volume 4 of the CBB Rulebook, but are separately licensed and subject to the requirements contained in the relevant CBB's 'Standard Conditions and Licensing Criteria' (cf. AU-A.1.10).

      Amended: July 2007

    • Appointed Expert(s)

      A duly qualified individual or firm appointed by the CBB to carry out inspections in accordance with Article 114 of the CBB Law or special investigations of licensees in accordance with Article 121 of the CBB Law. Appointed experts may be appointed in addition to the CBB's own officials. Examples of appointed experts include reporting accountants, lawyers, private investigators, expert witnesses and independent actuaries.

      Amended: January 2012
      Amended: October 2011
      Added: July 2010

    • Appointed Representative(s)

      [Deleted in October 2013].

      Deleted: October 2013

    • Approved Person(s)

      Approved Persons are individuals holding certain specified positions in CBB licensees; they must be approved by the CBB prior to taking on those positions and must demonstrate that they are fit and proper. The list of positions subject to the CBB's Approved Persons regime vary according to the CBB license Category, but generally cover directors and senior management, as well as certain other positions. Approved Persons requirements are specified in the relevant Rulebook Volume for the license Category in question.

      Amended: July 2007

    • Authorised person(s)

      A person authorised either as a CBB licensee or an Approved Person.

      Amended: July 2007